Developer Toll Brothers has acquired a development site in Manhattan through its homebuilding division, Toll Brothers City Living. The acquisition of the properties at 126-128 10th Avenue and the adjacent 456 West 18th Street was made from the Nanis family, who had owned the properties for a long time. The total purchase price amounted to US$45 million, as announced by broker Adirondack Capital Partners on Thursday.
The now consolidated sites comprise a total of 8,738 square feet of land. These areas are immediately adjacent to 118 10th Avenue, an undeveloped plot that Toll Brothers had already acquired in February for US$53 million. The company plans to build a condominium building there.
Comprehensive Development Plans for a Luxury Residential Project
On 5th October, Toll Brothers submitted plans to the New York City Department of Buildings. These envision the construction of a 240,000 square-foot property at 118 10th Avenue, which is intended to comprise 105 residential units and approximately 20,000 square feet of commercial space. Amenities designed by CookFox are set to include a pool, sauna, cold plunge pool, and a playroom.
The exact plans for the two recently acquired plots, which are part of Toll Brothers' current purchase, were initially unclear. Low-rise buildings, including the now-closed Star on 18 Diner, are currently located on these sites and are slated for demolition. With this additional purchase, the developable area in this attractive part of Manhattan will be significantly expanded.
Strategic Expansion in a Coveted Location
Michael Hunter Coghill, founder and managing partner of Adirondack Capital Partners, commented on the transaction: "This closing builds on our previous sale of 118 10th Avenue and furthers significant development consolidation in one of Manhattan's most distinctive residential neighbourhoods." He emphasised that these transactions reflect the value of scarce development opportunities and the perseverance required to bring a complex portfolio to a close.
The deal was brokered by Michael Hunter Coghill, Chad Sinsheimer, and Brittany Feinberg of Adirondack Capital Partners. Chad Sinsheimer commented: "A highly competitive sales process led to an excellent outcome for our clients, as these properties achieved a premium." He added that they were pleased to have assisted Toll Brothers in bringing these transactions to fruition, enabling the company to realise efficiencies by acquiring the entire site.
